Legislation roundup: R&D tax refund, insurance contracts, and Beijing housing loans
March 30, 2017 | BY
Katherine Jo &clp articles &The SAT has increased supervision of foreign R&D institutions' tax refund eligibility, the CIRC has improved scientific assessment standards for insurance contract liabilities, and Beijing's mortgage down payment percentage has been raised to the highest among Chinese cities
Tax
State Administration of Taxation, Measures for the Administration of the Refund of Value Added Tax on Chinese-Made Equipment Procured by Research and Development Institutions
If a foreign-invested research and development center ceases to be eligible for the refund of tax on the Chinese-made equipment procured by it, it shall carry out the procedures for the revocation of its tax refund record filing within 30 days from the date on which the conditions changed, failing which the matter shall be treated as if it had fraudulently secured qualifications for the refund of tax on Chinese-made equipment procured by it.
See the digest for more details.
Further reading
Insurance
China Insurance Regulatory Commission, Circular on Matters Relevant to Optimizing the Discount Rate Curves Applied in the Assessment of Insurance Contract Liabilities
中国保险监督管理委员会关于优化保险合同负债评估所适用折现率曲线有关事项的通知
With respect to insurance contracts under which future insurance benefits are not affected by the investment returns on the corresponding asset portfolio, the discount rate curve for measuring the financial report's unearned premium reserve shall be composed of the benchmark yield curve and the integrated premium.
Further reading
Real Estate
Beijing Municipality, Circular on Improving the Policies on the Sale of Commercially Developed Residential Premises and the Differential Loan Policies
If a resident household possesses a residential premises unit in its name in Beijing, or if it does not have such a premises unit but has a record of a commercial housing loan or record of a loan from the housing reserve, the down payment percentage for the purchase of ordinary housing for own use shall not be less than 60% and for non-ordinary housing for own use shall not be less than 80%.
See the digest for more details.
Further reading
Tax
State Administration of Taxation, Measures for the Administration of the Refund of Value Added Tax on Chinese-Made Equipment Procured by Research and Development Institutions
If a foreign-invested research and development center ceases to be eligible for the refund of tax on the Chinese-made equipment procured by it, it shall carry out the procedures for the revocation of its tax refund record filing within 30 days from the date on which the conditions changed, failing which the matter shall be treated as if it had fraudulently secured qualifications for the refund of tax on Chinese-made equipment procured by it.
See the digest for more details.
Further reading
Insurance
China Insurance Regulatory Commission, Circular on Matters Relevant to Optimizing the Discount Rate Curves Applied in the Assessment of Insurance Contract Liabilities
中国保险监督管理委员会关于优化保险合同负债评估所适用折现率曲线有关事项的通知
With respect to insurance contracts under which future insurance benefits are not affected by the investment returns on the corresponding asset portfolio, the discount rate curve for measuring the financial report's unearned premium reserve shall be composed of the benchmark yield curve and the integrated premium.
Further reading
Real Estate
Beijing Municipality, Circular on Improving the Policies on the Sale of Commercially Developed Residential Premises and the Differential Loan Policies
If a resident household possesses a residential premises unit in its name in Beijing, or if it does not have such a premises unit but has a record of a commercial housing loan or record of a loan from the housing reserve, the down payment percentage for the purchase of ordinary housing for own use shall not be less than 60% and for non-ordinary housing for own use shall not be less than 80%.
See the digest for more details.
Further reading
This premium content is reserved for
China Law & Practice Subscribers.
A Premium Subscription Provides:
- A database of over 3,000 essential documents including key PRC legislation translated into English
- A choice of newsletters to alert you to changes affecting your business including sector specific updates
- Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
Already a subscriber? Log In Now